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Greentown China calls off 2.7B-yuan investment in Aeon Life Insurance

Greentown China Holdings Ltd. terminated its plan to acquire 900 million shares in Aeon Life Insurance Co. Ltd. for 2.72 billion yuan.

The Chinese property company said it failed to secure the China Banking and Insurance Regulatory Commission's approval for the investment, which would have given it a stake of approximately 11.55% of the insurance company.

Greentown China noted in a filing that terminating the deal will not have a material adverse effect on its business operation and financial position.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.